"..Chicago-based Magellan Development Group LLC is proposing a 36-story, 355-unit apartment tower on a site it once envisioned for a condo tower.

Magellan Development Vice President Brian Gordon said that the project budget would be “over $100 million.” The site, now a parking lot, is at 1368 LaSalle Ave., one block east of Loring Park and about two blocks from the Hyatt Regency Minneapolis hotel at the southern edge of downtown Minneapolis.

“...It would be the first concrete rental building in probably 30 years. It would be high-rise, which is unusual. This will have great views and balconies and amenities,” Gordon said. “There’s a lot of proposals for stick-built apartments up there, but nothing with all the amenities that we’re proposing. We’ll have a pool; we’ll have a 24-hour doorman, fitness center, business center, movie theater and lounge.”

"...The developer will be applying to rezone the site to the newly created “B4N” zoning district. That district would limit height to 10 stories, but Magellan plans to apply for a conditional use permit to increase the building height."

"...preliminary plans for a new 355-unit apartment project at 1368 LaSalle Ave.

The project would have about 18,000 square feet of commercial space on the first floor that would include the residential lobby and leasing office as well.

The plan includes about 250 parking spaces that would be in a structured parking garage on floors two through four."

"...Gordon described the apartments as "high-end luxury" with a 24-hour doorman, a health-club facility and pool, movie theater and business center.

Gordon said the company was patient with the site as it waited for financing. He said Magellan is in the preliminary stages of talking to several lenders and equity partners. Magellan hopes to break ground in on the project in 2012."

I like the location since it'll expand the skyline further southward. The inner downtown skyline is already very dense.

Agreed! The Carlyle did wonders to extend the skyline north and this tower will help do the same toward the south. Loring Park is also one of the best neighborhoods in the city, and once the new Lunds is complete demand is only going to increase to live in and around this area. Hopefully more towers will be proposed in the near future, especially along Hennepin ave.

10 feet per floor is pretty SOP for a residential building. If this were condo's maybe they'd be taller, but not for a rental building. Plus there are two parking ramp floors in the base. Those are always short.

They said high end apartments; meaning taller ceiling height, more mechanical, more soundproofing. Probably at least one level (uncounted) for a very large make-up air system and the dehumdification and exhaust for the pool, the units and building in general. At least 430-450 feet. It will be a nice addition.

"..in Chicago they provide .4 per unit. The prior proposal had .9 per unit. This proposal has .6 per unit. They are having conversations with Bob Lux about leasing out parking from the Loring Parking ramp. They will also open parking for lease to anyone in Loring Park community, not just the building tenants or clients of the retail operation."

"..They proposed retail along Spruce, the city is recommending no retail on Spruce and have been very strong about that. Presently, the leasing office storefronts on Spruce. "

"..Eitel development presently leases car stall at the proposed development site for guest parking, rental unit waiting list parking, and Loring Kitchen and Bar valet. Jana reported that both LK & B and Loring Theater lease with Mpls. Public Schools valet parking for their guests annually. Eitel has a yearround waiting list for parking and initially it was thought that their tenants would not use/own cars. This has been proven not so."

"..scheduled for the Planning Commission on Oct. 16th".

"..Developer wants to get in the ground in January and begin leasing the units within 18 months, estimating April of 2013. "

Looks pretty good, but I'd love to see more renders to make a more learned opinion

__________________RIP QUANTUMX

"Dissent is the highest form of patriotism.” Thomas Jefferson
"We Shall Never Surrender." Winston Churchill
“Not all those who wander are lost.” J.R.R. Tolkien
"Patriotism is the virtue of the vicious." Oscar Wilde
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." Benjamin Franklin

The latest CLPC Land Use meeting minutes were posted online. One item of interest is that Magellan is considering installing elevator parking in the project. Essentially 2 cars could park in one space, one being above the other. That would allow an additional 160 spaces. That would increase the two parking floors in height by 2 feet each. But Magellan states they are only consider installing those elevators if necessary based on the market/tenants demand.

The rezoning application for the site has been submitted as well. The developers goal is to have the project before the city's Planning Commission by Dec 12th.